Gain Recognized on the Sale of a Section 1245 Asset

question 59

True/False

Gain recognized on the sale of a Section 1245 asset is classified as ordinary income up to the amount of depreciation claimed.

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Definitions:

American Medical Technologists (AMT)

A professional organization that provides credentialing opportunities for medical assistants and continuing education opportunities.

Time Efficiency

The effective use of time to optimize productivity and minimize waste or unnecessary effort.

Low-priority Requests

Low-priority requests refer to demands or inquiries that are deemed less urgent or important, to be addressed after higher-priority tasks.

Lowest Priority

The last or least important consideration or order in a list or sequence of actions.